Final Answer:
Exclusive permission to be the only seller of hotdogs at a sporting event provides a monopoly (B).
Step-by-step explanation:
When granted exclusive permission to be the sole seller of hotdogs at a sporting event, it creates a monopoly for your hotdog-selling business. A monopoly occurs when a single seller or producer dominates the market for a particular product or service, giving them significant control over pricing and supply. In this scenario, with no competition from other hotdog sellers, you have the exclusive right to meet the demand for hotdogs at the event.
Having a (B)monopoly can be advantageous for your hotdog-selling business. Without competition, you can potentially set higher prices and maximize profits. Additionally, you have control over the supply, ensuring that you are the sole provider of hotdogs for attendees. However, it's crucial to strike a balance in pricing to avoid discouraging potential customers, as excessive prices may lead to reduced demand.
While a monopoly can provide a favorable market position, it's essential to consider the potential consequences, such as the perception of fairness among event attendees. Monopolies can sometimes be viewed negatively due to concerns about limited choice and potential exploitation. Therefore, maintaining a fair and customer-friendly approach is crucial for long-term success in an exclusive selling situation.